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Acquisition of Piezocryst

Spectris, the expert in providing insight through precision measurement, announces the acquisition of Piezocryst Advanced Sensorics GmbH, a leading provider of piezoelectric sensors.

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HBK - Piezocryst
SEPTEMBER 05, 2024

Leading Provider of Piezoelectric Sensors for Demanding Applications

Spectris plc (SXS: LSE), the expert in providing insight through precision measurement, today announces the acquisition of Piezocryst Advanced Sensorics GmbH (“Piezocryst” or the “Company”) from AVL List GmbH (AVL) for €133.5 million (£112.2 million). The acquisition of Piezocryst builds on our long-standing relationship with AVL.

Based in Graz, Austria, Piezocryst has been a leading provider of piezoelectric sensors since the 1950s, specialising in high-precision pressure sensors and accelerometers for demanding applications. The Company’s sensors are known for their quality, durability and precision, helping optimise engines, machines and processes in the harshest of environments.

Piezocryst will join the Spectris Dynamics Division and be integrated into the HBK business, expanding HBK’s existing product range. Piezocryst sensing technology will enhance Spectris Dynamics customer offering across the automotive, aerospace & defence, energy and industrial markets. Piezocryst will also benefit from leveraging HBK’s global sales and service network. 

The acquisition is strongly aligned with our strategy for Spectris Dynamics to create the leading, premium pressure and vibration sensing offering for the most advanced applications, building on the acquisitions of Dytran and MicroStrain over the past two years.

Piezocryst is expected to generate sales of €27.5 million (£23.1 million) in 2024 and an EBITDA margin of c.30%, making the acquisition immediately accretive to both Spectris Dynamics and Group margins. The combination is expected to generate an additional €4.8 million (£4.0 million) of EBITDA from synergies by 2027 which, when applied to the expected outturn for 2024, represents an EV/EBITDA multiple of 10.2x.

The acquisition is subject to customary completion conditions and regulatory approvals and is expected to close around the end of the year.

Words from our leaders

Andrew Heath, Chief Executive of Spectris, said: “Piezocryst is a proven, high-quality business that we have long-admired and will broaden our customer offering through its unique and cutting-edge technology, enabling us to further penetrate the high-temperature, high-precision sensor markets. We are delighted to welcome Piezocryst to the Group. Together with the recently completed acquisitions of SciAps and Micromeritics, 2024 has been a strong year for acquisitions and underpins our commitment to generating long-term shareholder value through disciplined use of our capital. We are focused on delivering on the significant potential of these businesses, including the realisation of synergies, aligned to our strategy to compound growth through value enhancing M&A.”

Andrew Heath Chief Executive of Spectris

Ben Bryson, President of HBK, said: “I’m extremely excited to welcome the Piezocryst team into Spectris Dynamics and HBK. Piezocryst has a wealth of prestige and technical know-how for precision sensing in the Automotive and Energy sectors. With our combined capabilities, we will be market leaders in piezoelectric sensing, advancing our position as physics experts in R&D and in-process solutions. Together, we will serve the Automotive, Aerospace, Space and Machine Manufacturing markets with best-in-class precision sensing whilst having a customer-focused approach to configurable solutions, harnessing the growth potential in support of the key megatrends of Electrification of Mobility and Automation. Exciting times ahead as we Empower the Innovators.”

portrait rounded image of Ben Bryson, Chief Executive Officer (CEO) of HBK
Ben Bryson President of HBK

Professor Helmut List, CEO of AVL, said: “HBK is the ideal partner for Piezocryst with the acquisition providing the next chapter in our long-standing relationship and a number of exciting opportunities to further develop our partnership in the years ahead. The combination with HBK will enable Piezocryst to strengthen its position in existing markets, penetrate new markets, while continuing to drive significant technological advancements.”

About Piezocryst

Piezocryst, based in Graz, Austria, specializes in high-precision pressure sensors, force sensors, and accelerometers for demanding applications. Established in 2004 as a spin-off from AVL List, the company has roots in the piezoelectric sensor business dating back to the 1950s. Known for their precision, quality, and durability, Piezocryst’s sensors optimise engines, machines, and processes while preserving global resources. They maintain their own crystal growth and processing it into their high-precision products. Fully owned by AVL, Piezocryst employs 175 people from over 10 nations. They manufacture the smallest and most powerful piezoelectric sensors at their Graz facility, serving industries such as Formula1, gas turbines, and industrial applications.

About Spectris

Spectris combines precision with purpose, delivering progress for a more sustainable world. We provide critical insights to our customers through premium precision measurement solutions combined with technical expertise and deep domain knowledge. Precision is at the heart of what we do - our leading, high-tech instruments and software equip our customers to solve some of their greatest challenges to make the world cleaner, healthier and more productive.

We are focused on two key divisions – Spectris Scientific and Spectris Dynamics, which are placed in technology-driven end markets, with strong fundamentals and attractive growth trajectories. We have leading market positions in premium segments and employ 7,600 people located in more than 30 countries, all united behind our purpose to deliver value beyond measure for all our stakeholders. For more information, visit www.spectris.com.

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